As relations between Türkiye and Egypt have entered a reconciliation interval, the developments have additionally positively mirrored on bilateral financial ties, with Turkish traders now flocking to the nation for business alternatives.
Mustafa Denizer, chairperson of the Foreign Economic Relations Board (DEIK) of Türkiye’s Egypt Business Council, stated Turkish traders have considerably elevated their funding in Egypt, with 35 corporations presently using 70,000 Egyptians, with an funding totaled at $1.5 billion (TL 28.77 billion).
Denizer stated that their funding goal for the nation was set at $500 million for 2023-2024.
Additionally, in addition they intention to attain a buying and selling quantity of $20 billion in the long run.
The enhancement of bilateral ties comes as Foreign Minister Mevlüt Çavuşoğlu not too long ago paid an official go to to Egypt, which marked the primary go to by a Turkish overseas minister to the nation in 11 years.
Although bilateral relations between Türkiye and Egypt haven’t come to an entire halt, they did deteriorate due to political disagreements following the toppling of the North African nation’s first democratically elected president, Mohammed Morsi, in a coup after solely a yr in workplace.
Denizer famous that the bilateral commerce quantity has all the time remained on the similar degree, at round $5 billion, whereas this has additionally begun to vary.
He stated that with the growing power imports from Egypt, the commerce quantity has reached $9 billion, with the present account surplus transferred to the Egyptian facet.
Explaining that Egypt’s present duty-free commerce agreements enable Egyptian items’ free motion to South Africa, European Union nations, America and South American nations, Denizer stated: “This attracts Turkish traders together with Egypt’s low prices in labor and power. We see new traders and firms coming to Egypt for market analysis in latest months.”
Stating that Türkiye imports $5.1 billion in complete from Egypt, Denizer stated: “About $2.7 billion of that is power. This is adopted by plastics, fertilizers and chemical merchandise. Our exports are round $4 billion. The important sectors are chemical compounds, metal, textile, automotive and meals. Our corporations investing in Egypt obtain important progress with the investments they make yearly. These investments make up a reference for brand spanking new corporations to return.”
Following the political turmoil in Egypt after Morsi’s ousting, Ankara maintained {that a} democratically elected president can’t be deposed by a army coup and thus, voiced its criticism of now-President Abdel-Fattah el-Sissi and his backers, together with the West and a few of Ankara’s rivals within the Gulf area.
The Egyptian authorities, however, urged Türkiye to not intervene in a problem that it considers its inner affairs. The dispute led to a impasse in bilateral relations for a few years.
After years of tensions, Türkiye has been working to fix its frayed ties with regional powers, together with Egypt, the United Arab Emirates (UAE) and Saudi Arabia.
Source: www.dailysabah.com
